The wheat futures in Chicago closed inconsistently yesterday. Positions before today's USDA monthly report (6 p.m.) and the continuing drought in large parts of Europe dominated trading. The U.S. Department of Agriculture also publishes weekly U.S. export sales today at 2:30 p.m. Analysts expect wheat exports to range from 50,000 to 200,000 tons for the old 2019/20 crop and 150,000 to 350,000 tons for the new 2020/21 crop. Institutional investors sold 1,000 lots of CBoT SRW wheat yesterday. At the moment, the eCBoT is acting somewhat more firmly.
At Euronext in Paris, the wheat futures held their ground yesterday and closed firmer. A 1 1/2 year high was reached in the course of trading. The good worldwide demand on the export market for European wheat and the drought in large parts of Europe gave the market a boost. The increase was limited due to concerns about economic development following the coronavirus crisis. French wheat exports outside the EU reached the highest level in March for at least 10 years in the past month.
Source
Hansa Terminhandel GmbH
